Donald Trump Saudi king Salman bin Abdulaziz Al Saud discuss oil supply


The U.S. sanctions against Iran's oil industry, which at its peak this year supplied almost 3 percent of the world's daily consumption, are due to go into effect on November 4.

USA oil prices hit their highest level since November 2014 on Tuesday and Brent crude was also near a four-year. WTI has risen around 18% since mid-August.

Brent LCOc1 fell 18 cents to settle at $84.80 per barrel, a day after hitting a four-year high of $85.45.

This would be the first highest trade deal hitting above the USD$85 per barrel threshold since November of 2014.

Trade data in Refinitiv Eikon showed Iran's seaborne exports in September were just 1.9 million barrels per day, the lowest level since mid-2016.

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President Donald Trump and King Salman bin Abdulaziz of Saudi Arabia spoke on the phone Saturday and discussed efforts to maintain supplies to ensure stability of the market and growth of the global economy, Al Arabiya TV reported. "Against this backdrop of dwindling Iranian oil supplies, the focus will turn to meek levels of global, or more accurately, Saudi spare capacity, " Brennock said. Oil prices are likely to "rocket higher with the flashy $100 per barrel price tag indeed a reasonable sounding target", Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda, said, according to the Economic Times. China's Sinopec said it halved loadings of Iranian oil in September.

The Iranian oil minister further advised the United States to suspend sanctions against Iran to calm the market, adding that in the current situation, there is no shortage in the market, but the United States' provocations are increasing the prices.

"The new accord signed by the U.S., Mexico and Canada raises optimism that we may see increased crude flows in the region", Kim at Samsung said.

Saudi Arabia will quietly add extra oil to the market in coming months to offset a drop in Iranian production but is anxious it might need to limit output next year as the United States pumps more crude.

Oil prices eased slightly on Tuesday after rallying for three straight sessions, but remained close to four-year highs on worries that global supplies will drop due to Washington's sanctions on Iran.